Nabors shareholders vote to list competing director candidates

Nabors Industries shareholders today voted for a proposal that could give them more latitude in nominating candidates for the drilling contractor’s board. A majority of shareholders approved the provision at today’s annual meeting in Bermuda, where the company is headquartered, Nabors spokesman Dennis Smith said in an email.

The measure would allow shareholders to list competing director candidates on the company’s official porxy statements. Currently, the company proxies only list management’s candidates. Investors who wish to propose their own must pay for printing and distributing their own ballots, an expensive undertaking that most small investors can’t afford.